* Manufacturers of EPS considers S&P threshold companies with low (negative) Earnings Growth but high reduction in share count to generate positive EPS Growth.

** EPS calculation = Quarterly Reported Net Income / Actual Quarter's Reported Total Shares Outstanding.

Source: Fortuna Advisors Analysis using data from the Capital IQ database.
Financial Data from December 2011 to December 2016. Includes the 469 members of the current S&P 500 that were public for the full period.
Market Capitalization as of: 12/31/2016.
Companies included here if $ Total Buyback / Market Capitalization is greater than 4%.